| Date: | Thursday, March 24, 2022 |
The "Holding Company - ADQ", owned by the Abu Dhabi government, and the sovereign wealth fund, which.
Launching a Turkish Emirati fund of 300 million dollars
ADQ Holding Company, owned by the Abu Dhabi government, and the Turkish Sovereign Wealth Fund revealed, on Wednesday, the launch of the "Turkey Technology Fund - ADQ TWF" worth $300 million to invest in Turkish startups.
The Emirati company said, in a statement, that the launch of the fund "comes with the aim of investing in various investment capital funds."
It also aims to "invest in Turkish start-ups with high growth potential and innovative business models".
The statement indicated the fund's intention to invest in companies working on developing new technologies, or improving current technologies in important sectors, such as energy, health facilities, life sciences, food and agriculture, transportation, logistics, financial services, and education.
According to the statement, the managing director and CEO of ADQ, Mohamed Hassan Al-Suwaidi, said that the launch of the fund comes within the framework of promoting bilateral trade and joint investments since late 2021.
"The launch of the fund underscores our commitment to investing in Turkey's future growth," Al-Suwaidi added.
He stressed that the UAE and Turkey continue to support bilateral trade and investment between them.
For his part, CEO and board member of the Turkish sovereign wealth fund "Arda Ermut", said in the statement, "The technology sector has achieved significant growth in Turkey during the past few years."
"We believe that the Turkey Technology Fund will provide more investment opportunities in new generation technologies," Ermut added.
He explained that the new fund is "the first step taken by the Turkish Sovereign Wealth Fund, on the path to achieving its vision of building a broader technology platform worth $1 billion."
He added that the new fund will accelerate the growth of the technology sector and lead progress in strategic technology sectors important to Turkey's development.
Recently, Turkey and the UAE have witnessed past differences over regional issues, amid a great and accelerated development of relations between the two countries since the visit of Abu Dhabi Crown Prince "Mohammed bin Zayed" to Ankara in late 2021.
On February 14, Turkish President Recep Tayyip Erdogan visited the UAE, his first since 2013, and witnessed the signing of a number of bilateral agreements in various fields.
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